Greece and Portugal set to cash in after Spain makes major rule change

Greece and Portugal are set for major cash injections as they simplify their golden visa schemes. While Spain is ending them, wealthy Brits seeking residency abroad are switching to the two European countries that are welcoming applications.

The golden visa scheme allows people from outside of the European Union to move to their country, with very few problems, in return for a large investment in property or funds.

Many European countries have closed their schemes, with Spain ending its on April 3, 2025.

This is due to rising concerns over housing, security, and fairness to local residents who claim they cannot buy properties. Between 2013 and 2023, Spain issued 14,576 golden visas, which experts have linked to driving up house prices.

However, Portugal and Greece have now made it far easier for those from outside the EU to settle through investment. To streamline the process, they have abolished the old paper system and replaced it with a new online digital platform.

Since the switch, both countries have noticed a huge increase in demand, especially from Brits and US citizens. Greece has one of the fastest golden visa processes, granting residency within 60 days.

As part of the changes, Greece has also increased the cash threshold required for an investment in areas where housing is in high demand. Similarly, Portugal has removed the option of investing in property, yet the option of investing in funds in return for residency is still possible.

The policy has proved highly successful for Portugal so far - since 2018, its foreign population has doubled to over one million, one-tenth of the total population. The country’s demand is so high that the digital platform will be faced with tackling a backlog of 45,000-50,000 applications.

Other EU countries that have reintroduced golden visa schemes include Hungary. After discontinuing the programme in 2017, it restarted it in July 2024, offering residency through three routes: investing in real estate funds, purchasing property, or donating €1 million to education.

Italy also offers the scheme, offering non-EU nationals a two-year residence permit for an investment through an Italian limited company.